Tax exemption notification conditions require exclusive application of income, prescribed investments, separate business accounts and asset transfer on dissolution.
Notification under clause (23C)(iv) of section 10 authorizes Punjab Kesari Club, Mumbai for specified assessment years subject to conditions: income must be applied exclusively to its objects; investments restricted to forms permitted by section 11(5) (excluding certain voluntary contributions held as jewellery, furniture, etc.); business income is excluded unless incidental and maintained in separate books; regular filing of returns is required; and on dissolution surplus and assets must go to a like charitable organisation.

Tax exemption under section 10(23C)(iv) confirms charitable status for the association subject to specified operational and dissolution conditions.
Notification under section 10(23C)(iv) notifies St. John Ambulance Association, New Delhi, as eligible subject to conditions: apply income wholly and exclusively to objects or accumulate for that purpose; restrict investments to forms in section 11(5) (except certain voluntary contributions); exclude business income unless incidental and maintained in separate books; regularly file income-tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.

Notification under clause 10(23C)(iv): recognition granted to trust subject to conditions on income application, investments and returns.
Notification recognizes the Krishna Gopal Ayurvedic Dharmarth Aushodhalya Trust under clause (23C)(iv) of section 10 for specified assessment years, conditional on exclusive application or lawful accumulation of income, restricted investment modes as per section 11(5), exclusion of non-incidental business income unless separately accounted, regular filing of income-tax returns, and transfer of surplus assets on dissolution to a like-minded charitable organization.

Notification under clause (23C)(iv) confirms tax-exempt status subject to application of income to charitable objects and compliance conditions.
The Central Government notified Southern Health Improvement Samity under clause (23C)(iv) of section 10 for assessment years 1998-99 and 1999-2000, subject to conditions: apply or accumulate income solely to charitable objects; restrict investments to forms permitted by section 11(5) (excluding certain voluntary contributions retained as jewellery or furniture); exclude business income unless incidental with separate books; file income-tax returns regularly; and on dissolution transfer surplus and assets to a similarly purposed charitable organisation.

Tax exemption for charitable foundation granted subject to income application, investment limits and business accounting safeguards.
The India Polo Promotion Foundation, Mumbai is notified under clause (23) of section 10 for assessment years 1998-99 to 2000-01, subject to conditions: apply or accumulate income per section 11(2) and (3) as modified by clause (23) for charitable objects; restrict investments and deposits to forms/modes permitted by section 11(5) and Board notifications (excluding certain tangible voluntary contributions); do not distribute income to members except grants to affiliated bodies; and exclude business profits unless incidental to objectives with separate books maintained.

Tax approval for infrastructure enterprise subject to compliance and audit reporting requirements and conditional withdrawal on noncompliance.
Approval is granted to M/s Viraj Agro Products (P) Ltd for tax exemption treatment under section 10(23G) read with rule 2E for its bulk liquid storage terminals at Jawaharlal Nehru Port, subject to conformity with the statutory provisions. The approval may be withdrawn if the enterprise ceases the infrastructure activity, fails to maintain and audit books of account as required by sub rule (7) of rule 2E, or fails to furnish the required audit report.

Approval under section 10(23G) grants tax-exempt status to an infrastructure enterprise subject to compliance and audit conditions.
Approval under section 10(23G) is granted to an enterprise operating an infrastructure facility at a port, conditional on compliance with the statute and rule 2E, including maintenance of books, audit by an accountant and furnishing of the required audit report; the Central Government may withdraw approval if the enterprise ceases the facility or fails the accounting and audit obligations.

Research exemption approval requires separate research accounts, annual scientific returns by May and audited accounts with renewal filings.
M/s Diabetes Research Centre Foundation is approved as an Association for research deduction purposes for 1 April 2001-31 March 2004, subject to maintaining separate research books, filing an annual scientific research return with the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research to designated tax and DSIR authorities by 31 October each year; renewal applications must be filed in triplicate through the tax authority and sent in three copies to the DSIR.

Specification under section 80L: Certain IDBI Flexibonds II debentures designated as bonds for tax purposes.
The Central Board of Direct Taxes, by notification dated 17 May 2002, specifies certain debentures issued by the Industrial Development Bank of India, Mumbai, in its Flexibonds II Series (200102) as debentures "in the nature of bonds" for purposes of section 80L of the Income tax Act, 1961. The notification identifies three instruments - Regular Income Bond, Growing Interest Bond, and Infrastructure (Tax saving) Bond - each of face value Rs. 5,000 and each described by distinctive number ranges and option designations.

Specified debentures under tax deduction provision designated as qualifying bonds, enabling tax favored treatment on listed issues.
The notification designates specified debentures issued in the Flexibonds II public issue-Regular Income Bonds (Options A-D), Growing Interest Bonds, and Infrastructure (tax saving) Bonds-with defined distinctive numbering ranges and a uniform face value as qualifying bonds for the purposes of the section 80L tax deduction provision, thereby administratively recognizing those instruments as eligible for the tax treatment applicable to designated bonds.

Tax-exempt notification requires applying income to charitable objects, restricted investments, separate business accounts, and return filing compliance.
Notification grants tax-exempt status to Ramakrishna Math, West Bengal subject to conditions: apply or accumulate income wholly and exclusively for its objects; restrict investments or deposits to forms permitted under the Income-tax law; exclude business profits unless incidental and maintained in separate books; regularly file income-tax returns; and on dissolution transfer surplus assets to a charitable organization with similar objectives.

Tax exemption notification requires exclusive application of income and specified investment, accounting, filing, and dissolution conditions.
Notification designates Ramakrishna Mission, West Bengal as eligible for tax exemption under clause (23C)(iv) for specified assessment years, on conditions: income must be applied or accumulated solely for the institution's objects; funds may not be invested except in forms permitted by section 11(5) (excluding certain voluntary contributions held as jewellery or furniture); business income is excluded unless incidental and separately accounted; the institution must file returns regularly; and on dissolution surplus assets must pass to a like charitable organisation.

Research exemption under section 35(1)(ii): approval with annual reporting, audit obligations and renewal application procedure
Approval under section 35(1)(ii) is granted to Thapar Centre for Industrial Research & Development for 1 April 2000 to 31 March 2003 as an "Association," subject to maintaining separate research books, filing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research activities to designated income-tax and departmental authorities by 31 October, in addition to the regular income-tax return.

Research exemption approval requires separate research accounts, annual DSIR return and audited research accounts submission by prescribed deadlines.
Approval under Section 35(1)(ii) is granted to the Indian Register of Shipping as an Association subject to maintaining separate books for research, filing an annual scientific research return to the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research to designated tax and research authorities by 31 October, in addition to the regular income tax return; renewal applications must be filed in triplicate through the tax authority and sent in three copies to the research department.

Income tax exemption approval for infrastructure projects granted, subject to compliance, audited accounts and reporting requirements.
Approval is granted to Fascel Ltd. for its cellular mobile telephone services project in Gujarat under the Income-tax Act exemption scheme for infrastructure undertakings and the corresponding rule, subject to compliance with statutory provisions, maintenance and audit of books of account, furnishing of the prescribed audit report, and the Central Government's power to withdraw approval if the enterprise ceases operations or fails to meet the audit and reporting conditions.

Approval under section 35(1)(ii) enables institutional research exemption subject to annual reporting and audited accounts requirements.
Approval under section 35(1)(ii) was granted to M/s Ramakrishna Mission Seva Pratishthan for 1.4.2001-31.3.2004, subject to maintaining separate books for research, filing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May each year, and submitting audited annual accounts and audited income & expenditure accounts for the research activities to designated tax and DSIR authorities by 31 October each year, in addition to the institution's income tax return.

Specified capital gains bonds: transfer benefit requires transferee to notify issuer by registered post within sixty days.
The Central Government designated the NABARD Capital Gains Bonds issued by the National Bank for Agriculture and Rural Development, Mumbai, as qualifying instruments for proviso tax treatment; if such bonds are transferred by endorsement or delivery the transferee must inform the Bank by registered post within sixty days of the transfer for the benefit to be admissible.

Relief and rehabilitation of handicapped individuals added to tax-exempt charitable activities under income-tax rules, expanding eligibility.
The Central Board of Direct Taxes amends the Income-tax Rules, 1962 by inserting item (s) in clause (i) of Rule 11K to add relief and rehabilitation of handicapped individuals to the enumerated purposes; the Income-tax (Sixth Amendment) Rules, 2002 take effect on publication in the Official Gazette.

Tax exemption approval under section 10(23G) granted to power project, subject to compliance and audit conditions.
Approval is granted to a 335 MW liquid-fuel power generation project at Kondapalli by Lanco Kondapalli Power Limited for assessment years 2002-2003 through 2004-2005, conditional on conformity with the tax provision and implementing rule. The Central Government may withdraw approval if the undertaking ceases to carry on an infrastructure facility, fails to maintain books of account and obtain audits as required, or fails to furnish the prescribed audit report.

Section 10(23G) approval granted to R.V.K. Energy for a power plant, conditional on compliance with audit and operational requirements.
Approval under section 10(23G) read with rule 2E is granted to R.V.K. Energy Pvt. Ltd. for its power plant, subject to compliance with the provisions of the section and rule, and contingent upon maintaining books of account, obtaining and furnishing the audit report required by sub rule (7) of rule 2E; the Central Government may withdraw approval if the undertaking ceases the infrastructure activity or fails the audit and reporting requirements.